India Invites Private Bids for ₹8,571-Crore Mega Oil Reserve in Odisha

India has invited private investors to develop a 4 million tonne (MT) strategic petroleum reserve at Chandikhol, Odisha, at an estimated cost of ₹8,571 crore. Set to become the country's largest crude oil storage facility, the project will expand India's existing strategic storage capacity by about 80%. To attract developers, the government is offering up to ₹5,142 crore in viability gap funding, awarding the contract to the bidder seeking the lowest grant. Separately, the Centre also plans to lease out roughly 524,000 tonnes of storage capacity at its operational Visakhapatnam reserve for three years, extendable by another four years, as part of a broader push to strengthen national energy security.

News by Rahul Yelligetti.